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I am planning to transfer money > 100k from my NRE account to my US checking account. The money in NRE account was transferred from USA account couple of years back.

I am already paying tax in US for the interest earned, declared account in tax return and also filing FBAR yearly for the NRE Account.

I would like to clarify the following.

  1. Can we wire transfer money from my NRE account to USA checking account?

  2. Is there any restrictions for transferring money?

  3. After transferring, do we need to file any forms to IRS regarding money transfer?

  4. Do we need to file any forms in US as part of tax returns for this transfer.

  5. Do we need to inform my local bank in USA regarding the transfer in advance?

  6. Any other legal formalities for money transfer

Thanks in advance. Appreciate your help.

Mathew

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After transferring, do we need to file any forms to IRS regarding money transfer?

Not immediately.

Do we need to file any forms in US as part of tax returns for this transfer?

In case the recipient and the sender are not the same person, the recipient must attach form 3520A to his/her tax return. If you are transferring between your own accounts - you're good to go.

However, this NRE account must have been reported on your FBAR and form 8938 attached to your tax return.

Do we need to inform my local bank in USA regarding the transfer in advance?

You probably want to confirm the transfer instructions with them (SWIFT instructions, routing info, etc).

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Can we wire transfer money from my NRE account to USA checking account?

Yes you can

Is there any restrictions for transferring money?

Nothing in India

Hopefully someone else will answer the US side of questions.

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